The Singaporean company became the largest shareholder in PHN by raising its ownership from 30 percent to 49 percent in the second half of December via auction, PHN stated in a release.

The auction was held by state-owned Vietnam National Chemical Group (VINACHEM) on December 16 to sell its 21 percent stake in PHN as part of official plans to divest from the battery maker.

GPBI became a shareholder in PHN in 2010 with a 30 percent stake. The Singaporean company has connected PHN with buyers in Brazil, India and Singapore itself, helping PHN exports account for 30 percent of its annual revenue.

The Vietnamese government established PHN as the first battery maker in the north in 1960, and in 2003 privatized the company.

PHN accounts for about 40 percent of Vietnam’s battery market, with most sales occurring in the north. In the first nine months of 2019, profits were VND23.3 billion ($1 million), up 55 percent year-on-year.